International Business News – According to Russian media citing the Russian Ministry of Finance on the 17th, Japan resumed imports of Russian oil in July. However, Russian oil supplies to Japan in July this year fell 65.4% from a year earlier. At one point in June, Japan’s oil purchases from Russia fell to zero.
In early July, the Japanese government announced new sanctions against the Russian Federation. The move comes after Japanese Prime Minister Fumio Kishida issued a scathing statement calling for depriving Russia of oil revenue by setting a price cap. Russian President Vladimir Putin subsequently issued a decree on the “Sakhalin 2” LNG project. Under the decree, two Japanese companies could lose their stakes in Sakhalin Energy. Medvedev, vice chairman of the Russian Federation National Security Council, also warned Japan that in addition to losing Russia’s oil and gas, Japan will also lose the opportunity to participate in the “Sakhalin 2” project.
Russia is one of Japan’s main energy suppliers. In addition to imports of Russian oil, 8.8% of Japan’s natural gas needs come from Russian supplies.